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How Norway became a world leader in EV sales, and where it goes from here

OSLO, Norway — A silent revolution has transformed driving in Norway. Eerily quiet vehicles are ubiquitous on the fjord-side roads and mountain passes of this wealthy European nation of 5.3 million. Some 30 percent of all new cars sport plug-in cables rather than gasoline tanks, compared with 2 percent across Europe overall and 1-2 percent in the U.S. As countries around the world — including China, the world's biggest auto market — try to encourage more people to buy electric cars to fight climate change, Norway's success has one key driver: the government. It offered big subsidies and perks that it is now due to phase out, but only so long as electric cars remain attractive to buy compared with traditional ones. "It should always be cheaper to have a zero emissions car than a regular car," says Climate and Environment Minister Ola Elvestuen, who helped push through a commitment to have only zero-emissions cars sold in Norway by 2025. The plan supports Norway's CO2 reduction targets under the 2015 Paris climate accord. To help sales, the Norwegian government waived hefty vehicle import duties and registration and sales taxes for buyers of electric cars. Owners don't have to pay road tolls, and get free use of ferries and bus lanes in congested city centers. These perks are being phased out in 2021, though any road tolls and fees would be limited to half of what gasoline car owners must pay. Gradually, subsidies for electric cars will be replaced by higher taxes on traditional cars. Registration tax on new cars is paid on a sliding scale with a premium for the amount of emissions produced. Elvestuen pledges that the incentives for electric vehicles will be adjusted in such a way that it does not scupper the 2025 target. "What is important is that our aim is not just to give incentives," he says. "It is that we are taxing emissions from regular cars." Using taxes to encourage consumers to shift to cleaner energy can be tricky for a government — protests have erupted in France over a fuel tax that hurt the livelihood of poorer families, especially in rural areas where driving is often the only means of transportation. In the U.S, some would like to see the tax credit on EVs and hybrids eliminated while others would extend it. In this sense, Norway is an outlier. The country is very wealthy after exporting for decades the kind of fossil fuels the world is trying to wean itself off of. Incomes are higher than the rest of Europe, as are prices.

10 best new car deals in late September 2021

New car sales were drastically affected in 2020 due to the ongoing coronavirus pandemic, but things started to show signs of recovery toward the end of the year before really coming on strong in the early months of 2021. Now there's an ongoing shortage of microchips causing a great deal of pricing fluctuation and a limited supply of certain vehicles. That doesn't mean there aren't still great deals on new cars, though. Using data provided by TrueCar, we’ve compiled a list of some of the best automotive deals for September 2021. WeÂ’ve noted the original MSRP, the average transaction price, and the total savings in both dollars and as a percentage of the original sticker price. Basically, weÂ’ve done all the hard work for you! So now, all you need to do is compare deals, go on a few test drives, and maybe drive away in a great car (and an even better bargain).

Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.